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Full text of "FINANCIAL REPORTS, 1921-22"

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ANNUAL REPORTS 



229 



and of the characteristics of immigrant cul- 
tures. Library schools should incorporate 
work along this line into their regular courses. 

4th. In communities having considerable im- 
migrant population, the library should be 
given prominence as a social institution, and 
should be made in actual fact a community 
center. We recommend in this connection 
the free use of library rooms for clubs, public 
meetings and the like; formal invitations to 
organizations such as societies, lodges and 
study-classes for carefully planned visits ; and 
also that libraries take the initiative in the 
public introduction of official representatives 
of European countries, such as consuls and 
visiting members of legations, and of dis- 
tinguished European visitors of races locally 
represented. The public library is admirably 
situated as a place for informal public recep- 
tions which, in the entertainment of distin- 
guished guests, may naturally bring together 
native and foreign born elements of the 
population, to the great increase of mutual 
respect and appreciation. 

In conclusion, the Committee call the atten- 



tion of the Association to the fact that no 
work worth doing can be accomplished with- 
out an expenditure of money on the part 
of some one. We as individuals and the li- 
braries with which we are connected have 
met all the expenses of the work of the 
last two years, but our limit is about reached. 
For the editorial work which is open to us, 
and for the correspondence which comes to 
us, stenographic help is necessary, and we 
should have a fund with which to provide 
it. The Committee are willing to give their 
time for constructive thought and careful 
planning, and for the establishment of con- 
tacts and the accomplishment of work, but 
they feel that they should be relieved of the 
need for doing themselves those mechanical 
processes which might be taken care of at 
the expenditure of a small amount of money. 
Respectfully submitted, 

Eleanor E. Ledbetter, Chairman. 

Hannah C. Exlis, 

Josephine Gratiaa, 

Marion Horton, 

Margery Quigley, 

Adelaide C. Rood. 



FINANCIAL REPORTS, 1921-22 



FINANCE COMMITTEE 

In accordance with the provisions of Sec- 
tion IS of the Constitution as adopted in 1921, 
your Finance Committee submits the follow- 
ing report : 

The probable income of the Association for 
1922 from its various funds has been estimated 
by the Committee and the Executive Board 
has made appropriations within these amounts. 
These budgets setting forth the incomes as 
estimated, have been printed in the Bulletin 
for January (pp. 20-21) and it is, therefore, 
unnecessary to report their details herewith. 

The Committee thought it desirable to con- 
tinue the practice instituted last year of having 
the various accounts of the Association audit- 
ed by a certified public accountant instead of 
by the members of the Committee, and again 
engaged for this work the firm of Marwick, 
Mitchell & Company. This firm has, under 
the Committee's instructions, audited the fol- 
lowing funds of the Association for the year 
1921: 



American Library Association General 
Funds. 

James L. Whitney Fund. 

American Library Association Publishing 
Funds. 

American Library Association War Funds. 

American Library Association Books for 
Everybody Fund. 

The disbursements made from these various 
funds were verified by reference to the sup- 
porting vouchers and cancelled checks, and 
the various cash balances and securities held 
by the Association, deposited in bank, or in 
the hands of the Trustees of the Endowment 
Fund, were also found to agree with the bal- 
ances reported by the Treasurer of the Asso- 
ciation and by the Trustees. 

The afore-mentioned audits have been ex- 
amined and approved by the Finance Com- 
mittee and will be laid before the Executive 
Board at its next meeting with the recom- 
mendation that they be adopted by that body, 
according to the practice of recent years. 



230 



DETROIT CONFERENCE 



The securities in the custody of the Trus- 
tees of the Endowment Funds have been ex- 
amined as hereinbefore intimated, and checked 
by the certified public accountant, and the 
Committee finds that this audit agrees with 
the annual report of the Trustees for the 
period of January IS to December 31, 1921. 

The accounts of the James L. Whitney 
Fund, which are in the hands of the Treasur- 
er, have been examined and found to be as 
stated by him in his annual report. 
Respectfully submitted, 
George B. Utley, Chairman. 
Harrison W. Craver, 
Carl B. Roden. 
May 8, 1922. 

TRUSTEES OF THE ENDOWMENT 
FUND 

The Trustees of the Endowment Fund beg 
leave to submit the following statement of the 
account of their trust for the period from 
January 15, 1921, to December 31, 1921. The 
fiscal year heretofore adopted by the Trustees 
has been from January 15th to the following 
January 15th, but at the request of the Sec- 
retary of the American Library Association 
we have changed our fiscal year to the calen- 
dar year, which has been adopted to conform 
to the reports of the Association. 



In April, 1921, we suffered a great loss in 
the death of M. Taylor Pyne, who for 
several years had been associated with us. 
By election of the Association, J. Ran- 
dolph Coolidge, jr., of Boston, succeeded 
Mr. Pyne. 

During the past year we have received from 
the Treasurer of the Association the sum 
of $19,447.21 in cash, and Liberty Bonds to 
the amount of $1,000. The cash has been in- 
vested in Liberty Bonds of the second and 
fourth issues, which the Trustees felt was for 
the best interests of the trust fund. 

One bond of the United States Steel Cor- 
poration was paid May 1, 1921, and this 
amount, together with the premium of $100, 
was invested in Liberty Bonds. All of the 
above investments were to the credit of the 
Endowment Fund. 

The Trustees have made no change in in- 
vestments during the past year. 

The usual audit of the investments and 
accounts of the fund was made by the 
Messrs. Marwick, Mitchell & Co., certified 
public accountants. Respectfully submitted, 
Edward W. Sheldon, 
Wm. W. Appleton, 
J. Randolph Coolidge, jr., 
Trustees of the Carnegie and Endowment 

Funds of the American Library Association. 
Dated April 13, 1922. 



STATEMENT OF CARNEGIE AND ENDOWMENT FUNDS 
Carnegie Fund, Principal Account 

Cash dtonated by Andrew Carnegie $100,000 

Invested as follows: 

Date of Purchase Cost. Book Value. 

June 1, 1908 5,000 American Telephone and Telegraph Company 
4% Bonds due July 1, 1929, interest Jan- 
uary and July 96j4 $ 4,825.00 

June 1, 1908 10,000 American Telephone and Telegraph Company 
4% Bonds due July 1, 1929, interest Jan- 
uary and July 94^^ 9,437.50 

June 1, 1908 15,000 Cleveland Terminal and Valley Railroad Com- 
pany First Mortgage 4% Bonds due Nov. 1, 
1995, interest May and November 100 15,000.00 

June 1, 1908 10,000 Seaboard Air Line Railway (Atlanta-Bir- 
mingham Division) First Mortgage 4% 
Bonds due May 1, 1933, interest March and 
September 95^ 9,550.00 

June 1, 1908 15,000 Western Union Telegraph Company Collateral 
Trust 5% Bonds due January 1, 1938, in- 
terest January and July 1(»J4 15,000.00 



ANNUAL REPORTS 231 

June 1, 1908 15,000 New York Central and Hudson River Railroad 
Company, Lake Shore Collateral 3^% Bonds 

were exchanged February 10, 1916, for 

15,000 New York Central Railroad Company Consoli- 
dated Mortgage Gold 4% Bonds, Series "A," 
due Feb. 1, 1998, interest February and Au- 
gust 90 13,500.00 

June 1, 1908 15,000 Missouri Pacific Railroad Company Collateral 

Trust 5% Bonds were exchanged for 

15,000 Missouri Pacific Railroad Company First and 
Refunding Mortgage Gold 5% Bonds due 1923, 
Series "B," interest February and August. 104^ 15,000.00 

Aug. 6, 1909 1,500 United States Steel Corporation Sinking Fund 
Gold 5% Bonds due April 1, 1964, interest 
May and November 106^ 1,500.00 

July 27, 1909 1,000 United States Steel Corporation Sinking Fund 
Gold 5% Bonds due April 1, 1963, interest 
May and November 102J^ 1,000.00 

May 3, 1909 15,000 United States Steel Corporation Sinking Fund 

Gold 5% Bonds 104 15,000.00 

May 5,1921 200 United States Third Liberty Loan 4^%.... 90.64 181.28 

Jan. 1, 1922 Cash on hand. United States Trust Company 6.22 

$100,000 

The Surplus Account was increased $100.00 during 1917 by Premium received on one 
United States Steel Corporation Sinking Fund Gold 5% Bond called in at $110.00, making 
the Surplus Account $350.00, invested in Liberty Bonds May 7, 1918, Third Liberty 
Loan, 4%%. 

Endowment Fund, Income Account 

1921 

January 15 Balance on hand $ 16.46 

May 2 United States Steel 200.00 

May 16 United States 2nd 4>4 262.45 

June IS Int. U. S. 4fi 28.44 

Sept. 15 Int. U. S. 4^ 2.13 

Oct. 15 Int. U. S. 4^ 272.02 

Nov. 1 Int. U. S. Steel 175.00 

Nov. IS Int. U. S. 4% 262.42 

Dec. IS Int. U. S. 4M 28.56 

^$1,247.48 

Disbursements 

1921 

May S Accrued Int. on U. S. 2nd 4^ $ 247.85 

May 5 Accrued Int. on U. S. 4th 4^ 29.04 

June 8 Exchange on checks 5.06 

June 8 Cash to E. D. Tweedell, treasurer 196.96 

June 6 Exchange on check .10 

June 18 Exchange on check .10 

Aug. 19 Exchange on check .10 

Dec. 7 E. D. Tweedell, treasurer 739.71 

1922 

January 1 Cash on hand. United States Trust Co 28.56 

^$1,247.48 

Endowment Fund, Principal Account 
1921 

January 1 On hand, bonds and cash $ 9,561.84 

February 3 Life Membership, M. Reynolds 25.00 

February 3 Life Membership, A. Strohm 25.00 

March 7 Life Membership, M. J. Booth 25.00 

March 7 Life Membership, P. Goulding 25.00 

March 7 Life Membership, H. M. Leach 25.00 

March 7 Life Membership, R. H. Schabacker 25.00 

April 6 Life Membership, A. M. Colt 25.00 

April 6 Life Membership, E. Tobitt 25.00 

April 6 Life Membership, G. Whittemore 25.00 



232 



DETROIT CONFERENCE 



1921 

May 5 Life Membership, G. Wormer 2S.0O 

May S Am. Liby. Ass'n Treasurer 20,447.21 

May 5 Profit U. S. Steel Bond 8.75 

May 5 Premium U. S. Steel Bond 100.00 

June 4 Life Membership, A. J. McCarthy 25.00 

June 4 Life Membership, G. Kraunsnick 25.00 

June 4 Life Membership, A. V. Jennings '. 25.00 

June 16 Life Membership, W. F. Sanborn 25.00 

June 16 Life Membership, B. E. Davis 25.00 

August 18 Life Membership, L. E. Adams 25.00 

August 18 Life Membership, O. S. Davis 25.00 

August 18 Life Membership, W. H. Kerr 25.00 

August 18 Life Membership, Mrs. W. H. Kerr 25.00 

August 18 Life Membership, L. A. Shepard 25.00 

August 18 Life Membership, Mrs. Elizabeth Claypool Earl 50.00 



$30,667.80 



Invested as follows : 

Date of Purchase Cost 

1908 
June 12 U. S. Steel Corporation Sinking Fund Gold 5% 

Bonds 9Sy2 $ 1,970.00 

October 19 2 U. S. Steel Corporation Sinking Fund Gold 5% 

Bonds 102J^ 2,000.00 

November S 1J4 U. S. Steel Corporation Sinking Fund Gold 5% 

Bonds 101 1,500.00 

1910 
July 27 VAIJ. S. Steel Corporation Sinking Fund Gold 5% 

Bonds 102H 1,500.00 

1919 

May 7 U. S. Victory Loan 4^4% 700.00 

1921 

May 5 12,000 U. S. 2nd 4J4 expires 1942 87.30 10,483.50 

May S 350 U. S. 2nd 4}i expires 1942 87.36 305.76 

May 5 12,000 U. S. 4th 4^ expires 1938 87.42 10,497.90 

May 5 300 U. S. 4th 414 expires 1938 87.50 262.50 

May 5 500 U. S. 4th 4J4 expires 1938 (Amer. Liby. 

Assn.) 500.00 

May 5 500 U. S. 5th 4^4 expires 1923 (Amer. Liby. 

Assn.) 500.00 

May 5 100 U. S. 3rd 4j4 expires 1928 90.64 

1922 
January 1 Cash on hand, United States Trust Co 357.50 



$30,667.80 



1921 
January 15 
February 1 
February 1 



March 
March 15 
May 2 

May 1 

July 1 

July 1 

August 1 
August 1 
September 1 
September 15 
November 1 
November 1 
December 1 



Carnegie Fund, Income Account 

Balance $1,174.77 

Int. New York Central 300.00 

Int. Missouri Pacific 375.00 

Seaboard Air Line 200.00 

Int. U. S. Bond 7.42 

Cleveland Terminal 300.00 

Int. United States Steel 437.50 

Int. Western Union Telegraph 375.00 

Int. American Telephone and Telegraph 300.00 

Int. New York Central 300.00 

Int. Missouri Pacific 375.00 

Int. Seaboard Air Line 200.00 

Int. U. S. Government 4% 11.71 

Int. Cleveland Terminal 300.00 

Int. United States Steel 437.50 

Int. on deposits 75.84 



$5,169.74 



ANNUAL REPORTS 



233 



Disbursem 
1921 


enti 


May 


S 


May 


5 


June 


8 


December 


7 


December 


2 


1922 




January 


15 



Accrued Int. on U. S. Bonds 1.18 

Accrued Int. on U. S. Bonds .59 

E. D. Tweedell, treasurer 2,000.00 

E. p. Tweedell, treasurer 2,000.00 

United States Trust Company Commission 75.00 

Cash on hand, United States Trust Company 1,092.97 



TREASURER'S REPORTS 
January 1 to April 30, 1922 

The annual financial reports for the calen- 
dar year 1921 for all funds except Endow- 
ment Funds were printed in the January 
Bulletin. The annual report of the Trustees 
of the Endowment Fund and of the Finance 
Committee are printed here. 

The financial statements of the Treasurer 
for January 1 to April 30, 1922, are printed 
here for information. 

GENERAL FUNDS 

Receipts 

Balance, January 1 $ 6,664.20 

Membership — Annual dues 11,026.90 

Life memberships 175.00 

War Funds (for year 1922) 1,000.00 

Interest, December to April (in- 
clusive) 56.20 



Expenditures 

BvMetin $ 1,815.21 

Conference 142.91 

Committee 129.00 

Salaries 6,480.08 

Additional service 485.34 

Supplies 752.67 

Postage, telephone and tele- 
graph 367.06 

Travel 56.77 

Miscellaneous 187.90 

President's Contingent 

Fund 19.66 

Trustees' Endowment Fund 175.00 



$18,922.30 



Balance, April 30 9,070.70 

Permanent balance, Nat'l 
Bank of the Republic... 250.00 



9,601.60 



9,320.7(1 

J18,922.30 
PUBLISHING FUNDS 
Receipts 

Balance, January 1 % 449.33 

Sale of publications 4,408.44 

Bookliet subscriptions 5,1'?7.08 

Sale of books (Review copies) 900.00 

Interest, Dec. to April (inclusive) . . 10.62 



Expenditures 

Salaries $ 2,656.36 

Printing Booklist 1,234.85 

Advertising 468.32 

Express and postage 631.79 

Supplies 883.69 

Incidentals 200.84 

Publications 2,377.94 

Travel 477.50 



nO,945.37 



Balance, April 30. 



8,931.29 
2,014.08 

$10,945.37 



$5,169.74 



JAMES L. WHITNEY FUND 

Principal and interest, January 1 . . . t 

Interest, January 1 

Eighteenth installment, January 21, 

1922 

April 16, Liberty Bond Coupons 



664.21 
1.78 



35.85 
12.74 



Fund accounted for as follows: 
U. S. 4th Liberty Loan 
4^4 Bonds, par value 

$600.00 $ 5S0.68 

Cash in Savings Account, 
Union Trust Company 183.90 



% 714.58 



$ 714.58 



WAR FUNDS 
Receipts 

Balance, January 1 $77,071.84 

United War Work Campaign 9,737.50 

Miscellaneous 162.10 

Interest on bank balance, Dec. to 



April (inclusive) 



289.97 



$87,261.41 



Expenditures 

Headquarters expenses $ 1,000.00 

Hoxpltals 6,824.94 

Paris 260.00 

Preserving War Service 

Material 299.73 

Miscellaneous 685.30 



Cash on hand, April 30. ..$21,862.70 

fjiherty Bonds and Thrift 
Stamps (par value) 31,550.00 

a. S. Gov. Cert, of In- 
debtedness 25,263.74 

rjhrariana and Agents 625.00 



$ 8,059.97 



79,201.44 



$87,261.41 
BOOKS FOR EVERYBODY FUND 

Receipts 

Ua lance, January 1 $16,834.00 

New cash contributions and 
payments on pledges — 

Cash $ 3,888.63 

Liberty Bonds 1,000.00 



Interest, Liberty Bond coupons 

Interest, Dee. to April (inclusive) . . 



Expenditures 

Books for the Blind $ 709.41 

Library Extension 300.14 

Booklist, Reading Courses 

and book publicity 1,080.04 

General library publicity. . 328.35 

Recruiting 130.22 

Trustees' Endowment Fund 2,766.67 



4,888.63 
21.22 
135.40 

$21,879.25 



Balance, April 30 $15,565.42 

Liberty Bonds 1,000.00 



$ 6,313.83 



16,566.42 

$21,879.25 
Respectfully submitted, 

Edwabo D. Tweedell, 
May 17th, 1922 Treasurer.